This state is booming and a great place to buy land if you are willing to sit on it also depending on how much you are willing to spend.

I'm new to real estate investing and have been spending the past few months getting educated.

Don't over spend and useless upgrade on a property that will not bring a higher dollar amount in the long run such as when you sell.

Specially if they have to spend money to do something.

I also plan to spend approximately 5k in repairs so I guess the total cost to me is 162k.I didn't get into the specifics of the property detail because I'm not sure if it matters what type of property it is.

Yeah they are in it to make money and loan after loan...but I see alot of lenders closing shop too because they made bad loan decisions extending credit to borrowers who really were not ready for home ownership or being an investor.

cyndi,if you buy an "ugly house" you just have to make sure it isn't too "ugly" and thus in need of a large amount of work.if you or a partner can do the work - and manage to spend about 6000 on materials (paint job, rugs, doors, some appliances, ceiling fans, a tile floor, and a few other splurgy/nice items) - then this strategy is definitely doable.qualifier - it's easier said than done to find these deals, because the we buy ugly houses guys buy'em all up!!

If there is a foundation problem and you're not going to be getting the whole place, I'd be very leary of even spending any more time on it.

And if you spend all your capital i can safely say you will be close to being out of business.

I need to live in detroit and the minimum time we will spending here is 2 yrs, but it could be as much as 8yrs, depending on where I go for training after med school.